SEMAINE D'ÉTUDE SUR LE ROLE DE L’ANALYSE ECONOMETRIQUE ETC.
891
pd Trading GS TETE Tap WATT ORL Rn Tate ATT
= Since the French and American economies are characterized
by values of y of the same order of magnitude, it may be
concluded that the capitalistic structures of the two countries
are similar (!); they can therefore not play any role in account-
ing for the average difference in productivity observed.
This average difference of productivity, of the order of 2.3
to I, should be attributed to other causes (3). It follows then
that with the same capital-output ratio y=C/R, the amount
of equipment per worker is approximately double.
In conclusion, the fact that the ratio between the physical
volume of industrial equipment per worker is 2.4 to I whereas
the value of capital relative to the national income is little dif-
ferent, should not be considered as a cause in itself, but as an
effect of greater American efficiency. The fact that in physical
quantity American equipment per head is at present 2.4 times
as high as in France corresponds simply to the fact that, for
reasons other than the capitalistic structure, U.S.A. producti-
vity is about 2.3 times as high. It follows from this that for
the same value of capital per head measured in terms of hours
of work, the amount of equipment is about 2.3 times as high.
From this point of view, the concordance of the order of magni-
tude of the two values 2.3 and 2.4, which were found as the
ratios of productivity and of the volume of output respectively,
is particularly striking.
Thus, if an explanation of greater American efficiency is
sought using the greater value of equipment per worker meas-
ared in physical units rather then by: considering the capital-
output ratio as a means of estimating the influence of accum-
ulated capital, this is to treat as a cause a phenomenon which
in realit ‘s only an effect =~
at
(') Since they are characterised by the same function ¢() and © (0)
least as a first approximation (§ 111).
(?) ALLAIS (1960 B), Part I.
(3) ALLAIS (1048) and (1960 B), pp. 28-32
-1 | Allais - pag. 195
